A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction. A QDOT usually defers the federal estate tax until […]
There are rumors that the current administration intends to cut the $11.7 million estate and gift tax exemption to either $5 million or $3.5 million. While these proposals are always subject to change, it is worthwhile to consider if you should make a gift.
Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2020-45. Here are the important inflation updates for 2021 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2021 2021 […]